Apple Exec’s Lab-Grown Ring Sells at Sotheby’s

RAPAPORT... A ring made entirely from lab-grown diamond sold for
$256,250 at Sotheby’s on Wednesday, beating its presale estimate.

The ring doesn’t exist yet and doesn’t have a fixed carat
weight, as Diamond Foundry, its manufacturer, will craft the piece to fit the
wearer. It will contain no metal and is the creation of Apple chief design officer Sir
Jony Ive and industrial designer Mark Newson. Sotheby’s originally valued it at
$150,000 to $250,000.

The finished ring will have between 2,000 and 3,000 facets when it’s
complete. It sold as part of the third Sotheby’s (Red) auction, which musician
Bono, artist Theaster Gates and architect Sir David Adjaye founded to support
the fight against AIDS. The first edition took place in 2008 and the second in
2013.

The auction also included artwork, sculptures, paintings and
furniture, with total proceeds coming to $5.5 million.